Quotes About Externalities

The outside shapes the inside

The pollution problem is always seen as someone who was doing something bad that has to be stopped. To me, pollution is doing something bad and good. People don't pollute because they like polluting. They do it because it's a cheaper way of producing something else.

Fight scarcity power and corruption; correct externalities; try to maximise information; get the incentives right; engage with other countries; and most of all embrace markets, which do most of these jobs at the same time.

Those theorists who complain repeatedly about the "externalities" that have messed up their model by fomenting this or that untoward event, before returning to the purity of the model, suffer from a debilitating disease: they act as if the models would work if only the world did not contain so many "outside" factors that are, in fact, imbricated and entangled in a thousand ways with the practices they study.

I'm a liberal - I believe in subsidies for public goods and in regulations to curb harmful externalities, but neither of those things exist when it comes to parking.

at a first glance, natural dyes appear to be more expensive than those used for petroleum-derived synthetics, simply because of the higher cost to farm raw materials. But there are "externalities" not included in synthetic's calculation -environmentally damaging ones like fracking and oil spills.

Economists have a term for these costs—a less reassuring one than Friedman's "neighborhood effects." They are "negative externalities": negative because they aren't beneficial and external because they fall outside the market system. Those who find this hard to accept attack the messenger, which is science.